Recent Numbers For Allentown Show New Home Closings and Prices Gain
Posted on: Jul 06, 2014 07:00:52 AM
In the Allentown, PA market in March, new home closings climbed year-over-year, an upward turn from a decline in February 2014. New home closings saw a climb of 22.8% from the year earlier to 70. This was after the housing market saw a 14.8% drop year-over-year in February.
A total of 888 new homes were sold during the 12 months that ended in March, up from 875 for the year that ended in February.
Out of all housing closings, new home closings made up 9.6%. This marks a rise from 7.9% of total closings a year earlier. Closings of new and existing homes stayed level after declining in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 18.8% bump year-over-year to $329,675 per unit in March. This gain is smaller than the 30.4% rise in February year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. The average mortgage size rose to $258,556 in March, marking a 11.1% bump compared with a year earlier. Average mortgage size increased 28.2% in February 2014 from a year earlier.